VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 17, 2011) - Prophecy Resource Corp. ("Prophecy" or the "Company") (TSX VENTURE:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) is pleased to announce that Mr. Chuluunbaatar, President and Chairman of the Monnis Group of Companies, Mongolia ("Monnis") has been appointed to Prophecy's Board of Directors. Monnis, headquartered in Ulaanbaatar, Mongolia, is one of Mongolia's largest industrial holding companies. With over 1,000 employees and 12 subsidiaries, Monnis has, under Mr. Chuluunbaatar's leadership, become a national leader in insurance, construction, logistics, technology, real-estate, geological services, mining support services, energy, automobile and automotive parts distribution, international freight forwarding, foreign trade, air services, communications, and corporate finance advisory services. By practicing good corporate governance and social responsibility, Monnis has become one of Mongolia's most respected and revered business entities.
Mr. John Lee, CFA, Chairman of Prophecy commented today that: "Prophecy and Monnis have already forged strong partnerships and are both committed to advance Ulaan Ovoo coal mining and Chandgana power plant projects to better the country of Mongolia. I am pleased to appoint Mr. Chulunnbaatar to the Board of Directors and welcome his greater involvement in Prophecy."
About Prophecy Resource
Prophecy Resource Corporation is an internationally diversified company engaged in developing energy, nickel, and platinum group metals projects. The company controls over 1.4 billion tons of open-pittable thermal coal in Mongolia (839 Mt Measured, 579 Mt Indicated). Prophecy's Ulaan Ovoo coal mine is fully commissioned. In Canada Prophecy owns Wellgreen PGM Project in Yukon, Lynn Lake Nickel Sulphide Project in Manitoba, and a 10% equity stake in Victory Nickel. On February 17, Prophecy agreed to sell its PGM Nickel assets to Pacific Coast Nickel Corp. for 450 million Pacific Coast Nickel shares. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
ON BEHALF OF THE BOARD OF DIRECTORS of Prophecy Resource Corp.
John Lee, Chairman
Forward Looking Statements: This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including, without limitation, statements regarding future plans and objectives of the companies are forward-looking statements that involve various risks and uncertainties. Although Prophecy believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include general economic, regulatory, market or business conditions, and other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Mineral exploration and development of mines is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on Prophecy and the risks and challenges of its business, investors should review filings that are available at www.sedar.com.
This press release does not constitute an offer to sell or a solicitation to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended ("the U.S. Securities Act") or any state securities law and may not be offered or sold in the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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